The current portfolio model for property-liability insurance company is only single period that can not meet the practical demands of portfolio management, and the purpose of this paper is to develop a multiperiod mod...The current portfolio model for property-liability insurance company is only single period that can not meet the practical demands of portfolio management, and the purpose of this paper is to develop a multiperiod model for its portfolio problem. The model is a multistage stochastic programming which considers transaction costs, cash flow between time periods, and the matching of asset and liability; it does not depend on the assumption for normality of return distribution. Additionally, an investment constraint is added. The numerical example manifests that the multiperiod model can more effectively assist the property-liability insurer to determine the optimal composition of insurance and investment portfolio and outperforms the single period one.展开更多
By inserting the variable of the exactness of corporate valuation into the classic model of Contract Theory, this paper, on the bases of the interaction of the variables of the veraciousness of corporate valuation, ma...By inserting the variable of the exactness of corporate valuation into the classic model of Contract Theory, this paper, on the bases of the interaction of the variables of the veraciousness of corporate valuation, managerial incentives and operational risks, explores the deep-seated reasons for changes in corporate structures, and draws the conclusion that the divestment of the subsidiary is beneficial to shareholders when the parent corporate is undervalued and that the relation between the parent and the subsidiary is disordered, or vice versa. This conclusion is consistent with the motives of many divestiture cases in reality.展开更多
Innovation is a process results in new products, methods of production and forms of business organization. Innovation can vastly improve the welfare of consumers, investors, firms and the economy. However, there is re...Innovation is a process results in new products, methods of production and forms of business organization. Innovation can vastly improve the welfare of consumers, investors, firms and the economy. However, there is relatively limited evidence of how corporate governance affects corporate innovation. In this study, the author theoretically demonstrates how internal governance mechanisms interact to affect innovation, such as internal control, monitoring and compensation contracts. Governance mechanisms are determined by firm characteristics. The ＂best＂ governance structures that can be adopted universally do not exist. However, innovative firms often share similar characteristics, and they adopt similar governance mechanisms to facilitate innovation. The ultimate purpose of such internal governance mechanism that facilitates innovation is to prevent managers＇ myopia, and this paper concludes 5 different roles in internal governance mechanism that facilitate corporate innovation behavior.展开更多
In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financ...In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financing behavior have a high level, a single means, a short-term structured and other characteristics, the corporate governance behavior have a goal of collaborative, several forms, and a complex environment, the earnings management behavior have diverse motives, many types of means, bigger range and other features, the asset restructuring behavior have a passive subject, methods of differentiation, performance-oriented features such as myopia.展开更多
In order to ensure the security of cloud storage, on the basis of the analysis of cloud storage security requirements, this paper puts forward a kind of＂ hidden mapping hyper-combined public key management scheme...In order to ensure the security of cloud storage, on the basis of the analysis of cloud storage security requirements, this paper puts forward a kind of＂ hidden mapping hyper-combined public key management scheme based on the hyperelliptic curve crypto system, which is applicable to the distributed cloud storage. A series of operation processes of the key management are elaborated, including key distribution, key updating and key agreement, etc. Analysis shows that the scheme can solve the problem of large-scale key management and storage issues in cloud storage effectively. The scheme feathers high efficiency and good scalability. It is able to resist collusion attack and ensure safe and reliable service provided by the cloud storaee system展开更多
Based on the epistemology and methodology of organizational routine evolution, this paper presents a systematic analysis on how ultimate shareholders control listed companies by means of equity control chain in a pyra...Based on the epistemology and methodology of organizational routine evolution, this paper presents a systematic analysis on how ultimate shareholders control listed companies by means of equity control chain in a pyramid structure and social capital control chain hidden in social networks. First, this paper examines the internal logic of ultimate shareholders＇ double control chain and designs an iterative model for dynamic evolution intent proceeding from ultimate shareholders ＇degree of intent for social capital control. Finally, with the case study of Inner Mongolia Caoyuan Xingfa Co., Ltd., this paper reveals the process and mechanism of ultimate shareholders＇ creation of double control chain.展开更多
This paper addresses the relationship between ＂new＂ and the ＂old＂ public performance management; the dialogue between imported idealistic designs and the inherently stable existing （performance） management syste...This paper addresses the relationship between ＂new＂ and the ＂old＂ public performance management; the dialogue between imported idealistic designs and the inherently stable existing （performance） management systems （Carmona ＆ Gronlund, 2003; Hyvonen, Jairvinen, Pellinen, ＆ Rahko, 2009; Scapens ＆ Ter Bogt, 2009）. We see the co-existence of imported and traditional, both idealistic and realistic models of performance management as problematic. Such performance management models are based on different institutional logics that are the taken-for-granted rules guiding behavior of field-level actors, and related practices that predominate in an organizational field. These logics help to explain connections that create a sense of common purpose and unity within an organizational field （Scott, 2001; Kitchener, 2002）. The purpose of this paper is to analyze and illustrate how institutional pressures for management accounting change are formed. Most studies on change and stability of management accounting pay little attention on how institutional pressures for accounting change are formed, especially on the political field level. Our study demonstrates how various actors at the political field level participate in creating institutional pressures in diverse and sometimes contradictory ways. Drawing on archival data and 20 interviews with public officials, we seek to illustrate how different organizational field-level actors＇ views on implementing cost accounting differ, and how these views have influenced the outcome of cost accounting development in the Finnish Defence Forces. Our results suggest that contradictory institutional logics exist in relation with Finnish central government management-by-results, performance management and cost accounting systems. A value-for-money ideology in the armed forces sector （see e.g., Gr6nlund ＆ Catasus, 2005） at times seems to challenge and even contradict the ＂legalistic＂ tradition of developing cost accounting that conforms to budgetary laws and statues. Similarly, the New Public Management based performance prism model （Fryer, Antony, ＆ Ogden, 2009; Neely, Adams, ＆ Crowe, 2001）, when implemented at a local level, seems to conflict with notions common in accounting literature, according to which management accounting systems should be aligned with organizations＇ strategy and structure （see e.g., Abemethy, Lillis, Brownell, ＆ Carter, 2001）.展开更多
In the last years, the issues regarding both sustainable development and business global responsibility have qualified the corporate governance effectiveness. Many international institutions have intervened and the co...In the last years, the issues regarding both sustainable development and business global responsibility have qualified the corporate governance effectiveness. Many international institutions have intervened and the companies, at least formally, have increased their attention to the interaction between stakeholder relationship management and economic, social, and environmental responsibility. The numerous and frequent scandals underline the discrepancy between the firms＇ formal statements and the substantial behaviors. Most of the companies, in the industrialized country, publish well-structured code of ethics and conduct, explicating the strategic values assigned to the global responsibility. The research considers the capability of the code of conduct to influence effectively the behaviors, in relation with the needs of transparency, sharing, coherent individual behavior, and control. In relation to the importance conferred to the sustainable development by the European Union （EU）, the analysis examines listed companies with the greatest market capitalization operating in the Great Britain, Germany, and Italy, in order to verify the firms＇ behavioral uniformity and the effectiveness of sustainability policies. The analysis shows that the codes of ethics seem to remain only formal declarations. Conscious and rational governance not only transfers values and principles of sustainability to the firm＇s behaviors and its result system, but also goes beyond a mere diffusion and formalization of codes of ethics and conducts. To achieve that, it is necessary to develop productive behaviors focused on the risk control and on managing behaviors of all the organization＇s members, in particular in reference to the stakeholder relationship management. The codes of ethics, in fact, seem to assume a poor relevance for the corporate sustainability promotion if a correct formal structure does not occur integrated with strategies and processes which assure a constant workability. It requests especially： the ethic culture diffusion and sharing of related values and principles; definition and integration of critical success dimensions in relation to economic, environmental, and ecological responsibility; and identification of relevant ethical parameters and control of their observance.展开更多
This paper investigates the organizational culture of one of the largest auto manufacturers in the world Toyota Motor Corporation using various corporate culture and management models. The investigation was conducted ...This paper investigates the organizational culture of one of the largest auto manufacturers in the world Toyota Motor Corporation using various corporate culture and management models. The investigation was conducted in 2009 using qualitative analysis with the help of various secondary sources. The study reveals that the company＇s management style can be characterized as the Family type that implies collectivistic society with male domination, strict rules and laws at work, and long-term orientation. It is also based on several essential principles, such as continuous improvement and learning, respect for people, mutual trust, and teamwork. Two core elements of the Toyota＇s success are technological innovations and qualified human resources.展开更多
The privatization of a firm entails a thoroughgoing process of reform that includes the introduction of new management practices. A review of the theoretical and empirical studies conducted allows us to confirm that a...The privatization of a firm entails a thoroughgoing process of reform that includes the introduction of new management practices. A review of the theoretical and empirical studies conducted allows us to confirm that a systematic analysis of the contextual, organizational and strategic factors that arise after a public company＇s privatization does not exist. This study explores the changes in strategic management that take place after a public company＇s privatization and proposes a theoretical global analysis model that facilitates their analysis. In order to confirm the theoretical propositions posed, the contemporary multiple case study was used as a research methodology. In particular, the changes experienced in the strategic management area in four privatized Spanish companies were investigated along the lines of a longitudinal analysis. The results of this study show that most theoretical propositions are confirmed or tend to be, according to the evidence shown by the firms in the sample. In addition, a comparative analysis of the different firms＇ behaviors by following the structure constructed on the basis of the three areas （strategies, objectives and organizational structure） leads to the conclusion that all these areas are relevant to the process of change in a privatized firm＇s strategic management.展开更多
文摘The current portfolio model for property-liability insurance company is only single period that can not meet the practical demands of portfolio management, and the purpose of this paper is to develop a multiperiod model for its portfolio problem. The model is a multistage stochastic programming which considers transaction costs, cash flow between time periods, and the matching of asset and liability; it does not depend on the assumption for normality of return distribution. Additionally, an investment constraint is added. The numerical example manifests that the multiperiod model can more effectively assist the property-liability insurer to determine the optimal composition of insurance and investment portfolio and outperforms the single period one.
文摘By inserting the variable of the exactness of corporate valuation into the classic model of Contract Theory, this paper, on the bases of the interaction of the variables of the veraciousness of corporate valuation, managerial incentives and operational risks, explores the deep-seated reasons for changes in corporate structures, and draws the conclusion that the divestment of the subsidiary is beneficial to shareholders when the parent corporate is undervalued and that the relation between the parent and the subsidiary is disordered, or vice versa. This conclusion is consistent with the motives of many divestiture cases in reality.
文摘Innovation is a process results in new products, methods of production and forms of business organization. Innovation can vastly improve the welfare of consumers, investors, firms and the economy. However, there is relatively limited evidence of how corporate governance affects corporate innovation. In this study, the author theoretically demonstrates how internal governance mechanisms interact to affect innovation, such as internal control, monitoring and compensation contracts. Governance mechanisms are determined by firm characteristics. The ＂best＂ governance structures that can be adopted universally do not exist. However, innovative firms often share similar characteristics, and they adopt similar governance mechanisms to facilitate innovation. The ultimate purpose of such internal governance mechanism that facilitates innovation is to prevent managers＇ myopia, and this paper concludes 5 different roles in internal governance mechanism that facilitate corporate innovation behavior.
基金The authors are grateful for financial support from the fund of the China National Social Science Fund Project （09CJY085）, China Postdoctoral Science Foundation （20100470109）, and the authors would like to thank to the funding by the Ministry of education of Humanities and social sciences research Youth Project （11YJC630243, 12YJC630010, and ＂Investors＇ expectancy, loss reversibility and the value of negative equity firms＂） Central University basic research funds （SWU1309116, SWU1309202）.
文摘In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financing behavior have a high level, a single means, a short-term structured and other characteristics, the corporate governance behavior have a goal of collaborative, several forms, and a complex environment, the earnings management behavior have diverse motives, many types of means, bigger range and other features, the asset restructuring behavior have a passive subject, methods of differentiation, performance-oriented features such as myopia.
基金This work was supported in part by the National Science Foundation Project of P.R.China，the Fundamental Research Funds for the Central Universities under Grant No.FRF-TP-14-046A2
文摘In order to ensure the security of cloud storage, on the basis of the analysis of cloud storage security requirements, this paper puts forward a kind of＂ hidden mapping hyper-combined public key management scheme based on the hyperelliptic curve crypto system, which is applicable to the distributed cloud storage. A series of operation processes of the key management are elaborated, including key distribution, key updating and key agreement, etc. Analysis shows that the scheme can solve the problem of large-scale key management and storage issues in cloud storage effectively. The scheme feathers high efficiency and good scalability. It is able to resist collusion attack and ensure safe and reliable service provided by the cloud storaee system
基金Phased results of fund project： ＂Study on the Ultimate Shareholder＇s Control and Deprivation in Listed Companies from the Perspective of Social Capital,＂ sponsored by National Natural Science Foundation of China （Grant No. 71072072） ＂Study on Ultimate Control Rights of China＇s Listed Companies from the Perspective of Social Capital,＂ sponsored by Graduate Innovation Fund of Capital University of Economics and Business （Grant No.CUEB2010507）.
文摘Based on the epistemology and methodology of organizational routine evolution, this paper presents a systematic analysis on how ultimate shareholders control listed companies by means of equity control chain in a pyramid structure and social capital control chain hidden in social networks. First, this paper examines the internal logic of ultimate shareholders＇ double control chain and designs an iterative model for dynamic evolution intent proceeding from ultimate shareholders ＇degree of intent for social capital control. Finally, with the case study of Inner Mongolia Caoyuan Xingfa Co., Ltd., this paper reveals the process and mechanism of ultimate shareholders＇ creation of double control chain.
文摘This paper addresses the relationship between ＂new＂ and the ＂old＂ public performance management; the dialogue between imported idealistic designs and the inherently stable existing （performance） management systems （Carmona ＆ Gronlund, 2003; Hyvonen, Jairvinen, Pellinen, ＆ Rahko, 2009; Scapens ＆ Ter Bogt, 2009）. We see the co-existence of imported and traditional, both idealistic and realistic models of performance management as problematic. Such performance management models are based on different institutional logics that are the taken-for-granted rules guiding behavior of field-level actors, and related practices that predominate in an organizational field. These logics help to explain connections that create a sense of common purpose and unity within an organizational field （Scott, 2001; Kitchener, 2002）. The purpose of this paper is to analyze and illustrate how institutional pressures for management accounting change are formed. Most studies on change and stability of management accounting pay little attention on how institutional pressures for accounting change are formed, especially on the political field level. Our study demonstrates how various actors at the political field level participate in creating institutional pressures in diverse and sometimes contradictory ways. Drawing on archival data and 20 interviews with public officials, we seek to illustrate how different organizational field-level actors＇ views on implementing cost accounting differ, and how these views have influenced the outcome of cost accounting development in the Finnish Defence Forces. Our results suggest that contradictory institutional logics exist in relation with Finnish central government management-by-results, performance management and cost accounting systems. A value-for-money ideology in the armed forces sector （see e.g., Gr6nlund ＆ Catasus, 2005） at times seems to challenge and even contradict the ＂legalistic＂ tradition of developing cost accounting that conforms to budgetary laws and statues. Similarly, the New Public Management based performance prism model （Fryer, Antony, ＆ Ogden, 2009; Neely, Adams, ＆ Crowe, 2001）, when implemented at a local level, seems to conflict with notions common in accounting literature, according to which management accounting systems should be aligned with organizations＇ strategy and structure （see e.g., Abemethy, Lillis, Brownell, ＆ Carter, 2001）.
文摘In the last years, the issues regarding both sustainable development and business global responsibility have qualified the corporate governance effectiveness. Many international institutions have intervened and the companies, at least formally, have increased their attention to the interaction between stakeholder relationship management and economic, social, and environmental responsibility. The numerous and frequent scandals underline the discrepancy between the firms＇ formal statements and the substantial behaviors. Most of the companies, in the industrialized country, publish well-structured code of ethics and conduct, explicating the strategic values assigned to the global responsibility. The research considers the capability of the code of conduct to influence effectively the behaviors, in relation with the needs of transparency, sharing, coherent individual behavior, and control. In relation to the importance conferred to the sustainable development by the European Union （EU）, the analysis examines listed companies with the greatest market capitalization operating in the Great Britain, Germany, and Italy, in order to verify the firms＇ behavioral uniformity and the effectiveness of sustainability policies. The analysis shows that the codes of ethics seem to remain only formal declarations. Conscious and rational governance not only transfers values and principles of sustainability to the firm＇s behaviors and its result system, but also goes beyond a mere diffusion and formalization of codes of ethics and conducts. To achieve that, it is necessary to develop productive behaviors focused on the risk control and on managing behaviors of all the organization＇s members, in particular in reference to the stakeholder relationship management. The codes of ethics, in fact, seem to assume a poor relevance for the corporate sustainability promotion if a correct formal structure does not occur integrated with strategies and processes which assure a constant workability. It requests especially： the ethic culture diffusion and sharing of related values and principles; definition and integration of critical success dimensions in relation to economic, environmental, and ecological responsibility; and identification of relevant ethical parameters and control of their observance.
文摘This paper investigates the organizational culture of one of the largest auto manufacturers in the world Toyota Motor Corporation using various corporate culture and management models. The investigation was conducted in 2009 using qualitative analysis with the help of various secondary sources. The study reveals that the company＇s management style can be characterized as the Family type that implies collectivistic society with male domination, strict rules and laws at work, and long-term orientation. It is also based on several essential principles, such as continuous improvement and learning, respect for people, mutual trust, and teamwork. Two core elements of the Toyota＇s success are technological innovations and qualified human resources.
文摘The privatization of a firm entails a thoroughgoing process of reform that includes the introduction of new management practices. A review of the theoretical and empirical studies conducted allows us to confirm that a systematic analysis of the contextual, organizational and strategic factors that arise after a public company＇s privatization does not exist. This study explores the changes in strategic management that take place after a public company＇s privatization and proposes a theoretical global analysis model that facilitates their analysis. In order to confirm the theoretical propositions posed, the contemporary multiple case study was used as a research methodology. In particular, the changes experienced in the strategic management area in four privatized Spanish companies were investigated along the lines of a longitudinal analysis. The results of this study show that most theoretical propositions are confirmed or tend to be, according to the evidence shown by the firms in the sample. In addition, a comparative analysis of the different firms＇ behaviors by following the structure constructed on the basis of the three areas （strategies, objectives and organizational structure） leads to the conclusion that all these areas are relevant to the process of change in a privatized firm＇s strategic management.
